UBMSFSII.4 : BUSINESS MATHEMATICS [50 lectures : 3 Credit]
- The objectives of the course are to enable students to learn and to have a good working practice of mathematical tools for taking appropriate decisions in managerial situations
- The objective of this course is to provide primary knowledge regarding some Mathematical techniques to be used in managerial decision making.
- All the concepts in the syllabus should be illustrated with examples from Management, Commerce and Economics
- To enable the students to gain knowledge about the basic mathematical tools used in business and statistical techniques that facilitate comparison and analysis of business data.
|Unit||Name of the Topic||No. of|
|Unit I||Elementary Financial Mathematics.||13|
|1) Simple and Compound Interest: Interest compounded once a|
|year, more than once a year, continuous, nominal and effective|
|rate of interest.|
|2) Annuity-Present and future value-sinking funds|
|3) Depreciation of Assets: Equated Monthly Instalments (EMI)-|
|using flat interest rate and reducing balance method.|
|4) Functions: Algebraic functions and the functions used in|
|business and economics, Break Even and Equilibrium point.|
|5) Permutation and Combination: (Simple problems to be solved|
|with the calculator only)|
|Unit II||Matrices and Determinants.||12|
|1) Matrices: Some important definitions and some important|
|results. Matrix operation (Addition, scalar multiplication, matrix|
|multiplication, transpose of a matrix)|
|2) Determinants of a matrix of order two or three– properties|
|and results of Determinants|
|3) Solving a system of linear equations using Cramer’s rule|
|4) Inverse of a Matrix (up to order three) using ad-joint of a matrix|
|and matrix inversion method|
|5) Case study– Input Output Analysis|
|Unit III||Derivatives and applications of Derivatives||13|
|1) Introduction and Concept– Derivatives of constant function,|
|logarithmic functions, polynomial and exponential function|
|2)||Rules of derivatives: addition, multiplication, quotient|
|3)||Second order derivatives|
|4)||Application of Derivatives: Maxima, Minima, Average Cost and|
|Marginal Cost. Total revenue, Marginal revenue, Average|
|revenue. Average and Marginal profit. Price elasticity of demand|
|Unit IV||Numerical Analysis [Interpolation]||12|
|Introduction and concept – Finite differences – forward|
|difference operator – Newton’s forward difference formula with|
|Backward Difference Operator. Newton’s backward|
|interpolation formula with simple examples.|
Reference Books :
- Mathematics for Economics and Finance, Martin Anthony, Norman Biggs, Cambridge lowprice editions, 2000.
- Business Mathematics, D.C. Sancheti, V.K. Kapoor, Sultan Chand & Sons Publications, 2006.
- Business Mathematics, J.K. Singh, 2009,Himalaya Publishing House.
- Mathematics for Business and Economics, J.D. Gupta, P.K. Gupta, Man Mohan, Tata McGrawHill Publishing Company Ltd.
- Mathematics of Finance 2nd Edition Schaum’s Outline Series Peter Zima, Robert Brows Tata McGrawHill Publishing Company Ltd
- Business Mathematics by Dr. Amarnath Dikshit & Dr. Jinendra Kumar Jain.
- Business Mathematics by Bari – New Literature publishing company, Mumbai
- Mathematics for Economics and Business, RS Bhardwaj, 2010,Excel Books
- Business Mathematics, Zameerudin, Qazi, V.K. Khanna & S.K. Bhambri, Vikas Publishing House Pvt. Ltd, New Delhi
(P.S. This post has been updated on 12th November 2014 as per the revised 2014-15 syllabus)
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